Core Insights - The company has been awarded the bid for the duty-free project at Beijing Capital International Airport, specifically for section 02 [1] - The guaranteed operating fee for the first year is approximately 113 million yuan, with a sales commission rate of 5% for the first year [1] Summary by Categories Company Announcement - The company received the bid notification from China National Tendering Co., Ltd. on December 26, 2025 [1] - The company is now the successful bidder for the duty-free project at Beijing Capital International Airport [1] Financial Implications - The first-year guaranteed operating fee is about 113 million yuan [1] - The sales commission for the first year is set at 5% [1]

Core Viewpoint - The news highlights the potential exit of Sunrise Duty Free (Shanghai) Co., Ltd. from Shanghai Airport after 26 years of operation, as the chairman, appointed by the major shareholder China Duty Free Group, decided not to participate in the bidding for the airport's duty-free project [3][5]. Group 1 - Sunrise Duty Free (Shanghai) is facing a forced exit from Shanghai Airport due to the refusal of four out of seven board members, representing the major shareholder, to approve participation in the bidding [3][5]. - The bidding process for duty-free operations at Shanghai Pudong and Hongqiao International Airports commenced on November 17 and is set to close on December 9 [5]. - Sunrise Duty Free (Shanghai) was established in June 1999 and was the first foreign company to operate airport duty-free shops in China [7]. Group 2 - In 2018, China Duty Free Group acquired a 51% stake in Sunrise Duty Free (Shanghai) for 1.505 billion yuan, becoming the controlling shareholder [7]. - There was a prior agreement stipulating that all duty-free operations at airports in Shanghai and Beijing would be conducted through Sunrise Duty Free [9]. - Sunrise Duty Free currently operates at Beijing Capital International Airport and both terminals of Shanghai Pudong International Airport, as well as Terminal 1 of Shanghai Hongqiao International Airport [9].